Report of Regents Audits/Budget and Finance Committee to The Board of Regents

The Regents Committee on Audits/Budget and Finance met today, as scheduled. 

Items Discussed

Completed Audits

The Internal Audit Workgroup reviewed the 20 audits that are being presented to the Committee this month.  Two audits were issued by the Office of Audit Services and 18 were by the Office of the State Comptroller (OSC).  Nineteen audits were of school districts and one was of a preschool special education services provider.

The findings were in the areas of budgeting, financial reporting, energy management, procurement, information technology, data reliability, and extra classroom activity fund.

2014 Fiscal Report

Our Chief Financial Officer briefed the Members on the Fiscal Report for April.  Extensive spending controls continue for all funds.  General Fund spending reflects the amounts appropriated in the 2014-15 enacted budget.  General Fund accounts are in structural balance.  The Tenured Teacher Hearings (TTH) account’s prior year deficit will be fully paid in 2014-15.  Special Revenue accounts are all in structural balance on a current year basis and the accumulated negative balance in the Cultural Education Account is being reduced by approximately $700,000.